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Wednesday, June 17, 2015
PetroMaroc Corp., following receipt of TSX Venture Exchange approval, says it has closed an unsecured Cdn$400,000 loan transaction bearing interest at the rate of 10.0% per annum.
The proceeds of the loan will assist PetroMaroc to extend the Sidi Moktar exploration license in Morocco. In addition, the loan will provide additional time towards locating a business partner to help develop Sidi Moktar, and a more permanent solution to restructure the company’s debt and share capital, which may require a shareholders’ meeting to approve a restructuring transaction.
In addition, the company said that it received the TSXV approval of the waiver and amending agreement with all three holders of the company’s Cdn$9.7 million principal amount of debentures issued on April 10, 2014.
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